Good morning traders!
Just a heads up the market will be closed on Monday for Memorial Day! Depending on if the session slows down after 1 PM ET, I more than likely will call it a day. We will have to wait and see what we have in store today.
First, lets dive into yesterdays session then move on to my thoughts for today.
AVGO 0.00%↑ will be making the new 5G Chips for Apple which is a major boost in revenue. Many investors are saying how Intel is so cheap compared to the other chip makers but losing a sale like this really eats away at profits. Then you add in how strong these deals being made are bringing robust rallies.
LULU 0.00%↑ is another name I have been bearish on but saw some painful upside before selling lower. This has nearly hit my target while also bringing more pain to TGT 0.00%↑ which was another short that saw steep downside. Below is the lululemon chart.
AI 0.00%↑ continues to validate uptrend with little o no selling off of highs. As long as S&P500 & NASDAQ continue moving higher this stock can very easily spike up to my 50 target. As I have said already the military contracts are going to be huge in bringing AI more to our daily life. If this can be used by the military then I believe there will be plenty of opportunity for public use as well. While this is a newer stock popping up and catching the eye of US Military, the upside potential is massive moving forward.
I do understand AI hype but I also understand how much money they can make off of this. the future can be very bright but may see some headwinds once all companies are using their own AI or simply competition picks up.
Here is an AI chart before moving on.
All session price remained above long level with a few attempts to sell lower but was bought up every time. Pay attention to AVGO 0.00%↑ to see if there is continued strength which can also fuel Apple higher.
META 0.00%↑ was one of the bigger winners yesterday with a 5 handle spike. For a couple weeks now this stock has seen strong spikes to upside almost everyday and with the recent lawsuit this got shorts caught pants down.
MSFT 0.00%↑ just like Meta with the early sell to long level before sky rocketing back up to highs. All of these long levels on tech were areas the stock needed to defend in order to keep this uptrend valid.
AMD 0.00%↑ another tech name that continues unreal strength with little downside at all. This and NVDA 0.00%↑ have been absolute orderflow darlings and i do not see this changing anytime soon. We will have both upside and downside moves for months to come now!
There are more winners from yesterday but if you look below we have some key events we need to touch on this morning that are far more important than yesterdays performance.